What Can I Purchase With My HSA Account?

Health Savings Accounts (HSAs) are a great way to save for medical expenses while enjoying tax benefits. If you have an HSA, you may be wondering what you can purchase using the funds in your account. The good news is that HSAs offer a wide range of eligible expenses, allowing you to cover various healthcare costs.

Here are some common items and services you can purchase with your HSA:

• Prescription medications
• Doctor's visits and co-pays
• Dental care, including cleanings, fillings, and braces
• Eye care, such as exams, glasses, and contact lenses
• Medical equipment, like crutches, wheelchairs, and blood pressure monitors
• Mental health counseling and therapy sessions
• Over-the-counter medications, with a prescription from your healthcare provider
• Health insurance premiums (in certain cases)

It's essential to keep records of your HSA purchases and ensure they are eligible expenses to avoid any penalties or taxes. By using your HSA funds wisely, you can effectively manage your healthcare costs and save money in the long run.

Health Savings Accounts (HSAs) not only help you save for future medical expenses but also provide you with substantial tax advantages. With an HSA, you may be curious about what kinds of purchases are permissible with your funds. The bright side is that HSAs cover a broad spectrum of eligible expenses, enabling you to alleviate various healthcare costs.

Here is a list of items and services you can buy with your HSA:

• Cost of prescription drugs
• Doctor consultations and co-payment fees
• Dental treatments including regular check-ups, fillings, and orthodontic work like braces
• Vision care such as eye exams, glasses, and contact lenses
• Medical apparatus including items like crutches, wheelchairs, and glucose meters
• Therapy sessions and mental health counseling
• Over-the-counter medications, provided you have a prescription
• Health insurance premiums in specific situations

Always keep receipts and maintain records of your HSA expenditures to confirm their eligibility. By making informed purchases with your HSA, you can effectively handle your healthcare expenses and realize significant savings over time.